Fairfax  reduces its stake in the CSB  Bank to 40  per  cent

By  our  Financial  Correspondent

Thrissur, July 02  (IVC)   Nine  point  seven per cent (9.7%)  equity  shares  of the  CSB Bank Limited (formerly  Catholic Syrian  Bank Limited)  here was  sold  out   by  the FIH  Mauritius Investment ,  a  sister  concern of  the Canada- based  Fairfax Limited   recently, the  bank  sources   said  this  correspondent.

                The  deal was done through the National Stock Exchange, Mumbai, the  sources added. In all 1.68  crore  shares amounting Rs  595     crore  were  transferred  in the  deal  and with this  Fairfax’s stake in the CSB bank was  thinned  to  40  per  cent, the  sources  said.

                The  investment  company  Amanza Holdings  acquired  shares worth Rs 292  crores   and ICICI  Prudential  Mutual  Fund, Asoka  India  Fund  and Abudabi  Investment Authority had acquired the remaining shares of the bank.

                Canada-based non-Resident  Indian Industrialist, Prem  Watts  owned by  Fairfax   had acquired 51  per  cent  shares of the CSB Bank  in 2018 for  a  value  of  approximately  Rs  1200  crore,   and  after  an Initial  Public  Offer in 2019 , Fairfax’s stake in the CSB Bank was  declined  to  50  per  cent,  the  sources said.

The    Reserve  Bank  of India had directed the foreign investor  to  bring  down its  stake in the CSB Bank  to 26  per  cent  phase by phase.  The  present sales of shares of the CSB was   in adherence with the direction of the RBI to Fairfax Limited.  IVC  Ckg  Tcr